Assembly Bill A1387

2017-2018 Legislative Session

Requires a recording officer not to record or accept a transfer or assignment of interest in a mortgage unless accompanied with a mortgage ownership assignment

download bill text pdf

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Archive: Last Bill Status - On Floor Calendar

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2017-A1387 (ACTIVE) - Details

See Senate Version of this Bill:
S475
Law Section:
Real Property Law
Laws Affected:
Add §291-k, RP L
Versions Introduced in Other Legislative Sessions:
2009-2010: A8684, S7515
2011-2012: A626, S667
2013-2014: A1082, S44
2015-2016: A163, S1278
2019-2020: A5613, S4806
2021-2022: S212
2023-2024: S526

2017-A1387 (ACTIVE) - Summary

Requires a recording officer not to record or accept a transfer or assignment of interest in a mortgage unless accompanied with a mortgage ownership assignment document.

2017-A1387 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1387
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 12, 2017
                                ___________
 
 Introduced  by M. of A. WEINSTEIN, ABINANTI, HYNDMAN, SIMANOWITZ -- read
   once and referred to the Committee on Judiciary
 
 AN ACT to amend the real property law, in relation to the recording of a
   transfer or assignment of a mortgage interest
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.   The real property law is amended by adding a new section
 291-k to read as follows:
   § 291-K. RECORDING OF TRANSFERS AND ASSIGNMENTS OF MORTGAGES; MORTGAGE
 OWNERSHIP ASSIGNMENT DOCUMENT. 1. A RECORDING OFFICER SHALL  NOT  RECORD
 OR ACCEPT FOR RECORDING ANY MORTGAGE OR ASSIGNMENT OF MORTGAGE MADE BY A
 NON-NATURAL  PERSON AFFECTING LAND IN THIS STATE UNLESS ACCOMPANIED BY A
 MORTGAGE OWNERSHIP ASSIGNMENT DOCUMENT IN  A  FORM  PRESCRIBED  BY  THIS
 SECTION  AND THE FEE PRESCRIBED PURSUANT TO SECTION EIGHT THOUSAND TWEN-
 TY-ONE OF THE CIVIL PRACTICE LAW AND RULES. SUCH FORM SHALL BE  RECORDED
 NO  LATER THAN NINETY DAYS AFTER THE DATE OF THE ACKNOWLEDGMENT OR PROOF
 OF SUCH INSTRUMENT.
   2. THE FORM OF THE MORTGAGE OWNERSHIP ASSIGNMENT DOCUMENT SHALL BE  AS
 FOLLOWS:
 
                  MORTGAGE OWNERSHIP ASSIGNMENT DOCUMENT
 
 NAME OF MORTGAGEE OR ASSIGNEE:
 
 ________________________________________________________________________
 
 ADDRESS:
 
 ________________________________________________________________________
 
 PHONE NUMBER:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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